AMP Holding Inc. to Acquire Workhorse Brand from Navistar

AMP Holding Inc., through a newly formed subsidiary, Amp Trucks Inc., has enteredinto a definitive agreement to acquire the Workhorse brand, logo, intellectual property, patents and assembly plant from Workhorse Custom Chassis LLC, a wholly owned affiliate of Navistar International Corp. The parties expect to close the acquisition by March 13.

AMP plans to produce step vans and other vehicle types using the former Workhorse Custom Chassis plant in Union City, Ind. A specific timetable to re-open the plant will be announced as the transition occurs and order backlogs are established.

With this acquisition, AMP says it will be positioned to be the first truck OEM in the U.S. to offer a range of alternative fuel vehicles produced in an automated assembly plant. AMP's all-electric Workhorse chassis, along with gasoline-powered and alternative-fuel-powered models, will be sold and supported through the existing Workhorse network of 440 dealers.

“Our acquisition of the Workhorse assets will enable us to continue producing the premium-quality chassis that Workhorse is known for while giving us the perfect platform for our battery-electric power-train technology,” says Steve Burns, CEO of AMP. “It makes good strategic sense for us, and we expect to be well positioned to meet the ever-increasing demands of the market.”